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Clear Spring mortgages are affordable and easy

Country-wide mortgage rates are extremely low and very attractive to new homebuyers. However, as the market improves rates will increase. So, now is the time to take advantage of the buyer-friendly market in Clear Spring right now. Whether you are a family looking for a new home or a retiree wanting a quiet town to settle down in, Clear Spring is for you.

The right home at the right price in Clear Spring

Buying a home has never been easier

Clear Spring offers homes for families, retirees, and anyone in between! With a variety of home sizes and styles available, Clear spring has something for everyone. In Clear Spring, 88 percent of residents are homeowners. Proving Clear Spring homes to be a popular and worthy investment. Especially since prices, according to Zillow, are anticipated to increase by 2.3 percent by September 2017. They've already increased by 9.6 percent since September 2015. Considering Clear Spring's stunning nature, great schools, and quality town these homes are an investment you want to make for your future.

The right home loan for you

Avoid the headaches associated with homebuying

When buying a new home there is so much to be considered! Balancing what you want and what you can afford can be more difficult than most realize. With so many different neighborhoods, homes, prices, etc. to be compared and considered, the whole process is time consuming, tedious, and frustrating. Thankfully, Earnest is here to help. We'll help you identify how your location, credit score, loan amount, and the like will change your mortgage rates. While the research for both refinancing and initially acquiring a mortgage are similar, the rest is quite different. Refinancing is useful for when you need a bit more money available for any big purchases coming up, such college tuition. With Earnest you can figure out how to best refinance your mortgage to save you as much as possible.

Common Questions About Clear Spring Mortgage Rates

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.